Colorado life insurance exam Correctly Answered 2025/2026

Colorado life insurance exam Correctly Answered 2025/2026 Contributory - Answer -A group insurance plan that requires the employees to pay part of the premium. Non-contributory - Answer -employer bears the entire cost Group Credit Life Insurance - Answer -Set up by banks, and finance companies to pay off a creditors outstanding debts Preferred Risk - Answer -Applicant who presents likelihood of risk lower than that of the standard applicant. Variable Annuity - Answer -pays a lifetime income, but the income payments vary depending on investment funds. Fixed Annuity - Answer -An annuity that offers fixed payments and guarantees a minimum rate of interest 403(b) plan - Answer -a tax-deferred retirement plan for employees of public schools and tax-exempt organizations Qualified Annuity Plans - Answer -A tax-deferred arrangement established by an employer to provide retirement benefits for employees Social Security - Answer -A social insurance system that provides benefits to most Americans who are retired, sick, or too disabled towork, and to families of workers who have died. AKA OASDHI. Funded by payroll taxes. The "blackout period" affects whose benefits? - Answer -surviving spouse Full Retirement Age (FRA) - Answer -The age at which full Social Security retirement benefits are payable Normal Retirement Age (NRA) - Answer -earliest age at which employees can retire and receive full